Gold consolidates Friday’s steep drop to $2015, as the upside attempts remain capped by the US fiscal impasse and lingering US-China tensions. The risk-averse market conditions could put a fresh bid under the US dollar, as it struggles to extend Friday’s correction.
The yellow metal corrected sharply from the record highs of $2075 last Friday, courtesy of the upbeat US NFP figures and US-China tech war escalation. Let's take a look at how gold is positioned technically.
XAU/USD: Key resistances and supports
The tool shows that the bright metal face strong upside hurdle around $2032, which the convergence of the Fibonacci 38.2% one-week, SMA5 on four-hour and SMA100 on one-hour.
Above that level, the XAU bulls will retest the daily highs of $2036. The next resistance awaits at $2039, where the Bollinger Band one-hour Middle and Fibonacci 23.6% one-day coincide.
Further north, minor resistances en route the next key barrier at $2048 will be tested. The latter is the Fibonacci 23.6% one-week.
The corrective bias will likely remain intact as long as the price holds below the critical resistance at $2054, the pivot point one-month R1.
To the downside, powerful support is aligned at $2024, below which Friday’s low of $2015 will be put to test.
Sellers will then target the $2009 demand area, which is the pivot point one-day R1. The bears need to take out the $2005 support (Fibonacci 61.8% one-week) to extend the recent downside bias.
Here is how it looks on the tool
Reprinted from Fxstreet，the copyright all reserved by the original author.
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